Amid turmoil, all eyes on today's Sebi board meet
Sebi) is set to hold a crucial board meeting on Monday, its first gathering following the allegations of conflict of interest against chairperson Madhabi Puri Buch by US-based Hindenburg Research and India's Congress party.
The board is likely to take cognisance of the conflict of interest accusations and the issues arising from the withdrawn press release on employee matters. Although these topics are not on the official agenda, they may be informally discussed, according to people with knowledge of the matter. «Between the last board meeting and Monday's meeting, any significant event concerning the institution, its board members, including the chairperson, has to be taken note of by the board,» said one of them.
In the period between the June 27 and September 30 board meetings, Sebi employees complained to the finance ministry about what they called a «toxic work culture.» The institution initially blamed external elements for the employees' agitation, but later withdrew the statement after protests by staff.
During the period, Hindenburg alleged that Buch and her husband had investments in offshore funds controlled by Vinod Adani, the brother of Adani Group chairman Gautam Adani, which were allegedly used for manipulating funds and inflating stock prices of the group's listed entities in India. It also alleged that Sebi had amended rules related to real estate investment trusts (REITs) in a manner that benefited Blackstone, where Buch's husband was a senior advisor.
The Congress party accused Buch of trading
